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Santander PPI bill to increase again

Santander has followed suit with the rest of the major high street banks and added a significant amount to it’s already sky high PPI compensation fund.

Despite having to add a further £65 million to the Santander PPI bill it’s UK Chief Executive, Ana Botin, had the audacity to state she was happy with the banks financial figures. Further proof if needed that banks are only interested in trying to portray a positive picture for the financial markets.

This additional £65 million takes the overall Santander PPI bill, including it’s subsidiaries such as Alliance & Leicester and Abbey National, closer to the £1 BILLION mark.

Whilst this is smaller than the likes of Lloyds Group (including Halifax, Bank of Scotland and Black Horse to name a few), Barclays, HSBC and RBS/Natwest, it’s still an extraordinary figure in anyone’s books.

More bad news to follow

Santander is currently in the process of preparing the bank for a stock market flotation and can hardly afford for much bad news.

In what appears to be the next big mis-selling scandal, Santander like the rest of the major banks is bracing itself for a flurry of claims regarding Packaged Bank Accounts.

With an estimated 1 in 5 UK customers having a Packaged Bank Account, or Paid-For Bank Account as they are sometimes referred to, the general opinion of the banking sector is set for another huge kick in the teeth.

Millions yet to claim

Whilst it’s clear bank account mis-selling will be the next big news, the biggest mis-selling scandal ever to hit the UK has a long way to go before it’s over.

We estimate that 7 million people have yet to make a PPI claim, with the majority of these completely unaware they have been sold PPI.

This is purely and simply down to banks and lenders hiding PPI policies within loans, mortgages, credit / store cards and hire purchase agreements without the knowledge of the customer due to the huge profits PPI generated for the financial sector.

Your Money Claim can check whether you’ve had PPI with our fast-track system, we can see whether you have a case for a mis-selling claim, we can deal with the banks on your behalf throughout the process and, best of all, we are used to beating the banks on a daily basis.

So why not contact us and start your PPI claim, or your Packaged Bank Account claim today?

Santander PPI bill

Santander PPI bill

About the author

Daniel Lee

Company Director

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